60 pct penalty black to white
I just saw the local circle poll on this subject. Times of India is saying that cabinet has already approved a vds scheme of 60% and convert black to white. That means that a corrupt officer with 100 crores of black money will soon have 40 crores of white money.
The poll is asking whether demonetisation is still worth it basically and my answer is a big NO NO.
If you had to do this, why in the world did you subject bharat to so much pain.
The corrupt officer will still be the king while we will count our 2000 rupees at atm. This has to be escalated to PM immediately so its not even proposed in parliament.
Alternative is all people with unaccounted income will still be investigated and charge sheeted even though they took 60% penalty right. more
The people disclosing their black money under the latest amnesty scheme must be questioned about the source thereof and the government must act accordingly. Self declaration of black money should not allow a man to become above question by any one. If a salary earner declare black money disproportionate to his known sources of income, it is obvious that the money was earned by him out of corruption. In such cases there is no question of amnesty and on the other hand the entire money so disclosed should be seized and the concerned should be prosecuted and be terminated from service. Likewise, a business man declaring a few crores of black money which has no relations with his tax returns and balance sheets should also be forfeited. The demonetisation will be proved to be worth only if the government remains firm in its intention of unearthing the huge black money to put it into nation's cause and to minimise money laundering and terrorist activities by drying up their money sources without favour and prejudice as also without showing any leniency to any quarter. more
In my opinion the most significant effect of demonetisation is on terrorism. And it is very good for the country. Corruption & black money can not be eradicated completely, it can be minimise. more
Bharat Lal ji, You are absolutely right. If Govt. cannot make life difficult for the corrupt any number of excercises like voluntary disclosure scheme, demonitization etc. is not going to be of any use to curb Black money. In fact, voluntary disclosure scheme is an admission that Govt. is not good enough to punish tax evaders/ black money generators. It is only the honest tax paying public and the poor who are at the receiving end. more
Mr KODANDA RAM DIVAKARUNI, I would like to most humbly submit that while black money and corruption are the biggest issues the country is facing, lets not go overboard by suggesting that Govt lays down limits of property, gold etc on individuals. We are in a democracy and not a communist country. If the suggestion is accepted, then a person cannot invest in property or gold or where he wishes to even if it is perfectly hard earned money and fully tax paid. How will you lay such limits on industrialists? Like one of the well known industrialist has a house worth thousand of crs. But it is only one house even if it houses his entire fleet of hundreds of staff serving him. And a common man having two houses of few lakhs each may be beyond govt laid limit. And if industrialists having lakhs of crs of investment in business is ok, how can govt lay down limit for non businessman to invest only limited quantity in whatever form he wishes? By this the common man would be forced to invest in shares whether he likes or not! What kind of freedom would be this? This virtually will mean capitalist democracy for industrialists and communism for common man!!!! Is that what we want? more
Lets not call this change of currency notes as Demonetisation - it is actually "REMONETISATION"! If the black money holders are allowed to pay tax of 60% on the unaccounted money disclosed by them, then there will not be any fear among the black money creators. This is absolutely not acceptable. Govt should move towards complete Demonetisation of higher currency notes instead of remonetisation. more